Huntsman Corporation on Tuesday announced that it expects its Adjusted EBITDA for the three month period ended June 30, 2008 to increase by approximately 10% as compared to Adjusted EBITDA for the three month period ended March 31, 2008. Peter Huntsman, President and CEO, stated, "Despite absorbing an additional US$75 mln in higher raw material, energy and other direct costs in the second quarter as compared to the first quarter, as well as the continued decline in the value of the US dollar, we are successfully implementing increases in our selling prices and sales volumes have improved. Our results in the month of June were stronger than those recorded in May, which were stronger than those recorded in April. We expect this trend to continue into the second half of 2008 and would expect Adjusted EBITDA in the second half of the year to be stronger than in the first half."
We estimate Net Debt, including amounts outstanding under our accounts receivable securitization program, was approximately US$4.3 bln as of June 30, 2008. This compares to approximately US$4.1 bln at June 30, 2007. Estimated total cash and unused borrowing capacity at June 30, 2008 was in excess of US$550 mln. Mr. Huntsman added, "Obviously, we are pleased with these results and outlook and have been eager to make these available in light of Apollo and Hexion's false and misleading allegations about our performance and financial condition."
Huntsman Corporation will hold a conference call to discuss its second quarter 2008 financial results on Wednesday, July 30, 2008 at 11:00 a.m. ET. Second quarter 2008 results will be released to the public prior to the market opening that day via PR Newswire.
(Company Press Release)